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DataVerify Expands Fraud Prevention Tools
Fraud Detection Software Integrates with MERS Platform
CHESTERFIELD, Mo.-- DataVerify, a leader in automated data verification and mortgage fraud detection, has created the first electronic integration with MERS (Mortgage Electronic Registration Systems, Inc.), within its DRIVE (Data Risk Intelligent Verification Engine) anti-fraud protection platform to assist mortgage lenders in reducing loan losses by detecting and identifying the deceptive practice of undisclosed mortgage fraud transactions within a specified window of time.
Combined with DRIVE’s unique undisclosed debt alerts, DRIVE’s automatic MERS trigger creates an additional “touchless” verification process to assist in significantly reducing the risk associated with undisclosed debt and providing fraud protection. The DRIVE platform instantly completes a search of the MERS System, thereby receiving a detailed response that lists all MERS’ registered real estate loans closed by the borrower.
“The MERS System has become an essential due diligence step in the mortgage industry’s war on fraud,” said Steve Halper, president of DataVerify. “As MERS continues its mission to reduce paper in the home-buying process, DataVerify is proud to be the first automated mortgage fraud prevention vendor to link our data verification and fraud protection analytic capabilities to the MERS System database.”
“As multiple application mortgage fraud continues to grow, MERS System loan registration information has emerged as one of its most formidable combatants,” said Dan McLaughlin, executive vice president for MERS. “DataVerify’s new MERS portal streamlines the loan registration search process, enhancing lenders ability to detect and prevent this type of mortgage fraud that is impacting lenders, investors, insurers and borrowers, in terms, of both increased losses and hardship.”
The Mortgage Graveyard
News By: MortgageDaily.com